Analysts debated the impact on foreign exchange of a widely anticipated meeting of major oil producers Sunday in Doha to discuss a potential agreement to limit output.

Ms Lien predicted the failure to reach a deal would lead to a collapse in oil prices, depressing the stock market but lifting the dollar "as risk aversion returns to the markets." Commonwealth Foreign Exchange said a breakdown in the Doha talks "could quickly deflate oil's recent rally, which would send equities and dollar/yen broadly lower as well."